Nikki Musgrave, Real Estate

To show that home prices don’t fall every time there’s a recession, it helps to turn to the historical data. Looking at the recessions going all the way back to 1980, home prices appreciated in four of the last six recessions. So, historically, when the economy slows down, it doesn’t mean home values will fall. Research also helps paint the picture of how a recession could impact the cost of financing a home. Historically, each time the economy slowed down, mortgage rates decreased. Fortune explains that mortgage rates typically fall during an economic slowdown.

If you're planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today's shifting market? The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways. To better understand why, it's important to know what pre-approval is. Freddie Mac defines the process like this: A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . . Put simply, pre-approval from a lender helps you understand your true price range and how much money you can borrow for your loan.

This year, particularly this spring, the number of homes for sale has grown. That's partly due to more homeowners listing their houses, but also because higher mortgage rates have helped ease the intensity of buyer demand. Moderating buyer demand slows down the pace of home sales, which in turn helps inventory rise. Experts say that growth will continue. Recently, realtor.com updated their 2022 inventory forecast. In the latest release, they increased their projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022

The exact amount will vary, but typical seller costs in the Tampa Bay Area include: Title Fees - closing fee, title insurance, search fees, municipal lien search, document storage, estoppel Doc Stamps Real Estate Commissions Prorated Property Taxes Many of the fees depend on the price of the property. If you shoot me a message with the address, I can provide a breakdown of costs for you

When I do a consult with home owners, I make a list with them of everything we can do to ensure their home sells for top dollar in the quickest amount of time. However, all of that is not always possible, so we can then go through and prioritize. It is very important to consult with an experienced agent prior to making updates and changes to get your home ready to sell. Some things that you may think are top priority may not lead to the results you are wanting. Basic things that can be done across the board to help prep your house for selling are: -Thoroughly clean your house -Replace burned out bulbs with similar temperature bulbs -Remove personal photographs -Clean up landscaping -Pressure wash driveway, pavers, front of house -Remove empty planters -Remove cobwebs & wasp nests -Replace faded outdoor furniture cushions -Declutter

Getting a pre-approval will set the framework for price range, type of house, and sometimes the location. Sometimes a house may not qualify for certain types of financing. Sometimes, sellers are only looking for a certain type of financing. USDA loans are location specific. FHA loans have certain property requirements and typically don't play well with condos. VA loans have certain property requirements and typically don't play well with condos. If you are looking for a great, local lender in the Tampa Bay area, shoot me a message for my recommendations